Colorado § 11-109-605 Suspension of director, officer, or other person

Colorado Statutes

§ 11-109-605 — Suspension of director, officer, or other person

Colorado·Title 11 Financial·Art. Trust Companies

(1)The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company who becomes ineligible to hold the person's position; or who, after receipt of an order of the banking board to cease and desist, violates this article 109 or a lawful rule or order issued under this article 109; or who is dishonest; or who is reckless or grossly incompetent in the conduct of trust business; or who may be subject to removal under section 11-109-604. It is a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any trust company until the banking board vacates such suspension order. A suspension order must specify the grounds thereof. A cop

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(1) The
banking board may suspend an executive officer, director, employee, agent, or
other person participating in the conduct of the affairs of a trust company who
becomes ineligible to hold the person's position; or who, after receipt of an order of
the banking board to cease and desist, violates this article 109 or a lawful rule or
order issued under this article 109; or who is dishonest; or who is reckless or grossly
incompetent in the conduct of trust business; or who may be subject to removal
under section 11-109-604. It is a criminal offense for any such person, after receipt
of a suspension order, to perform any duty or exercise any power of any trust
company until the banking board vacates such suspension order. A suspension
order must specify the grounds thereof. A copy of the order shall be sent to the
trust company concerned and to each member of its board of directors.

(2) Ten days' notice, by certified mail, return receipt requested, and hearing
shall be provided to any trust company affected by an action of the banking board
in advance of any action taken by the banking board pursuant to this section. In
cases found by the banking board to involve extraordinary circumstances requiring
immediate action, the banking board may take such action, without notice or
hearing, but shall promptly afford a subsequent hearing, upon application to
rescind the action taken.

Colorado § 11-109-605 (Suspension of director, officer, or other person) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1196, � 3, effective July 1. L. 2024: (1) amended, (HB 24-1351), ch. 461, p. 3208, � 36, effective August 7.